Avnet, Inc. $AVT Position Lifted by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP raised its holdings in Avnet, Inc. (NASDAQ:AVT) by 466.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,076 shares of the company’s stock after acquiring an additional 16,530 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Avnet were worth $2,058,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Avnet in the second quarter valued at about $25,000. Provenance Wealth Advisors LLC purchased a new stake in Avnet during the third quarter worth about $40,000. State of Wyoming purchased a new position in Avnet in the second quarter valued at about $37,000. Elevation Wealth Partners LLC increased its holdings in Avnet by 38.5% in the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after buying an additional 185 shares in the last quarter. Finally, Reyes Financial Architecture Inc. purchased a new position in Avnet in the third quarter valued at about $69,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Up 0.4%

Shares of NASDAQ AVT opened at $85.10 on Wednesday. The firm has a market cap of $7.00 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 0.23 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.87 and a current ratio of 1.73. Avnet, Inc. has a 1 year low of $44.25 and a 1 year high of $108.63. The firm’s 50 day moving average price is $94.07 and its 200 day moving average price is $81.91.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.77. Avnet had a return on equity of 14.15% and a net margin of 1.74%. The company had revenue of $10.72 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm posted $0.84 EPS. Avnet’s revenue was up 81.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Avnet, Inc. will post 11.55 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th were given a $0.37 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, September 9th. Avnet’s dividend payout ratio (DPR) is presently 22.22%.

Insider Activity at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the transaction, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on AVT. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Truist Financial raised their price objective on Avnet from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Wells Fargo & Company raised their price objective on Avnet from $80.00 to $85.00 and gave the company an “underweight” rating in a research note on Thursday, November 5th. Zacks Research cut Avnet from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Finally, Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Avnet presently has a consensus rating of “Moderate Buy” and an average target price of $100.25.

Avnet Company Profile

Avnet, Inc. is a global distributor of electronic components and technology products. Its offerings include semiconductors, interconnect and electromechanical components, and embedded systems used in products across industries such as communications, industrial, automotive, and healthcare. In addition to distributing components, Avnet provides services that support customers throughout product development and manufacturing. These include engineering and design assistance, supply-chain management, procurement, inventory planning, and logistics.